Discount Retailer Fred's Sees Ch. 11 Liquidation Plan OK'd

Law360 (June 1, 2020, 7:44 PM EDT) -- A Delaware judge on Monday signed off on discount retailer Fred's Inc. Chapter 11 plan, clearing the way for distributions to be made to creditors using proceeds from asset sales, with unsecured creditors expected to see minimal recovery.

During a hearing held via telephone, U.S. Bankruptcy Judge Christopher S. Sontchi said he will be pleased to sign off on an order confirming the plan once final revisions are made.

"We have a plan that is essentially consensual," Fred's attorney Adam L. Shiff of Kasowitz Benson Torres LLP told the judge at the start of the hearing. Shiff said certain provisions dealing...

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